13F-HR 1 gwc1q12.txt GW CAPITAL, INC. 1Q'12 13F UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: March 31, 2012 Check here if Amendment []; Amendment Number: This Amendment (Check only one.): [] is a restatement. [] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: GW Capital, Inc. Address: 10900 N.E. Eighth Street, Suite 750 Bellevue, WA 98004 13F File Number: 801-35777 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Guy Watanabe Title: President Phone: 425-455-4551 Signature, Place, and Date of Signing: /s/ Guy Watanabe Bellevue, WA May 3, 2012 Report Type (Check only one.): [ X] 13F HOLDINGS REPORT. [ ] 13F NOTICE. [ ] 13F COMBINATION REPORT. FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form13F Information Table Entry Total: 64 Form13F Information Table Value Total: $1,496,485 (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional managers with respect to which this report is filed, other than the manager filing this report. NONE FORM 13F INFORMATION TABLE TITLE VALUE SHARES/ SH/ PUT/ INVSTMNT OTHER VOTING AUTHORITY NAME OF ISSUER OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MGRS SOLE SHARED NONE A.O. SMITH CORPORATION COM 831865209 37621 836951 SH SOLE 711747 0 125204 ALBANY INTERNATIONAL CORP CL A 012348108 28971 1262341 SH SOLE 1074902 0 187439 AMERICAN STATES WATER COM 029899101 19240 532385 SH SOLE 451613 0 80772 ASHLAND INC. COM 044209104 22322 365581 SH SOLE 124196 0 241385 ASPEN INSURANCE HOLDINGS LTD. SHS G05384105 23310 834297 SH SOLE 674797 0 159500 AVIS BUDGET GROUP, INC. COM 053774105 32514 2297778 SH SOLE 1953292 0 344486 BARNES GROUP INC COM 067806109 28414 1079952 SH SOLE 917759 0 162193 BROOKDALE SENIOR LIVING COM 112463104 51840 2769246 SH SOLE 1765080 0 1004166 CAPSTEAD MORTGAGE CORP. COM NO PAR 14067E506 19033 1451757 SH SOLE 1234491 0 217266 CASEY`S GENERAL STORES, INC. COM 147528103 27712 499679 SH SOLE 424397 0 75282 CHEMTURA CORPORATION COM NEW 163893209 20315 1196424 SH SOLE 1015259 0 181165 CHESAPEAKE ENERGY NOTE 165167CB1 4853 6000000 PRN SOLE 5840000 0 160000 CHICAGO BRIDGE & IRON N Y REGISTRY SH 167250109 18802 435330 SH SOLE 370300 0 65030 CINTAS CORP COM 172908105 22640 578744 SH SOLE 197938 0 380806 CNO FINANCIAL GROUP COM 12621E103 60477 7773434 SH SOLE 4868495 0 2904939 COMPASS MINERALS INTERNATIONAL COM 20451N101 2786 38836 SH SOLE 28390 0 10446 COMSTOCK RESOURCES, INC. COM NEW 205768203 22020 1391005 SH SOLE 1187122 0 203883 CORN PRODUCTS INT`L, INC. COM 219023108 19339 335463 SH SOLE 284526 0 50937 CROWN HOLDINGS INC COM 228368106 25652 696484 SH SOLE 235747 0 460737 DARLING INTERNATIONAL COM 237266101 45219 2595802 SH SOLE 2138719 0 457083 EL PASO CORP. COM 28336L109 8029 271696 SH SOLE 198697 0 72999 ESTERLINE TECHNOLOGIES COM 297425100 39492 552639 SH SOLE 470397 0 82242 EXTERRAN HOLDING NOTE 30225XAA1 5985 6000000 PRN SOLE 5850000 0 150000 FLUOR CORPORATION COM 343412102 16972 282675 SH SOLE 96253 0 186422 FOREST OIL CORP COM PAR $0.01 346091705 36738 3031182 SH SOLE 1915908 0 1115274 GENWORTH FINANCIAL INC. COM CL A 37247D106 19761 2375123 SH SOLE 802948 0 1572175 HARRIS CORP. COM 413875105 18107 401665 SH SOLE 140596 0 261069 HEALTH CARE REIT COM 42217K106 14098 256512 SH SOLE 89682 0 166830 HERTZ GLOBAL HOLDINGS COM 42805T105 23488 1561724 SH SOLE 537383 0 1024341 IBERIABANK CORP COM 450828108 24242 453382 SH SOLE 385562 0 67820 ION GEOPHYSICAL CORP COM 462044108 26844 4161798 SH SOLE 3535519 0 626279 IRON MOUNTAIN COM 462846106 14659 508984 SH SOLE 184170 0 324814 KINDRED HEALTHCARE INC COM 494580103 14774 1709965 SH SOLE 1455746 0 254219 KLA TENCOR COM 482480100 13291 244227 SH SOLE 84915 0 159312 LTC PROPERTIES COM 502175102 21973 686670 SH SOLE 584246 0 102424 MANPOWER GROUP COM 56418H100 5078 107205 SH SOLE 77980 0 29225 MEADWESTVACO CORP COM 583334107 21427 678291 SH SOLE 232681 0 445610 OCWEN FINANCIAL COM NEW 675746309 25596 1637631 SH SOLE 1391084 0 246547 OMEGA HEALTHCARE COM 681936100 51084 2402811 SH SOLE 1528894 0 873917 ONEOK INC COM 682680103 60544 741418 SH SOLE 448812 0 292606 OWENS ILLINOIS COM NEW 690768403 50457 2161835 SH SOLE 1382298 0 779537 PERRIGO CO. COM 714290103 7055 68291 SH SOLE 23603 0 44688 PORTLAND GENERAL ELECTRIC CO. COM NEW 736508847 24496 980611 SH SOLE 833391 0 147220 POST HOLDINGS INC. COM 737446104 20562 624422 SH SOLE 531225 0 93197 REDWOOD TRUST INC. COM 758075402 26017 2322972 SH SOLE 1974231 0 348741 SBA COMMUNICATIONS COM 78388J106 18032 354893 SH SOLE 120295 0 234598 SENSIENT TECHNOLOGIES COM 81725T100 27920 734727 SH SOLE 625931 0 108796 SIMPSON MANUFACTURING CO. COM 829073105 29097 902247 SH SOLE 767491 0 134756 SLM CORPORATION COM 78442P106 27746 1760553 SH SOLE 599169 0 1161384 STEEL DYNAMICS INC NOTE 858119AP5 4535 4000000 PRN SOLE 3890000 0 110000 SUPERVALU INC. COM 868536103 32978 5775400 SH SOLE 3691786 0 2083614 THE WENDY`S COMPANY COM 95058W100 17354 3463774 SH SOLE 1193413 0 2270361 THOMAS & BETTS CORP. COM 884315102 7077 98413 SH SOLE 71883 0 26530 TIDEWATER INC COM 886423102 47810 885045 SH SOLE 556812 0 328233 TWO HARBORS INVESTMENT CORP COM 90187B101 19175 1891023 SH SOLE 1608103 0 282920 TYCO INTERNATIONAL LTD. SHS H89128104 12213 217395 SH SOLE 0 0 217395 UNIFIRST CORPORATION COM 904708104 13251 215281 SH SOLE 182931 0 32350 VERISK ANALYTICS CL A 92345Y106 26189 557564 SH SOLE 190453 0 367111 VISTEON CORPORATION COM NEW 92839U206 6573 124021 SH SOLE 89558 0 34463 WEYERHAEUSER COMPANY COM 962166104 19258 878562 SH SOLE 296693 0 581869 WILLIAMS COS, INC. COM 969457100 23602 766038 SH SOLE 262671 0 503367 WPX ENERGY INC. COM 98212B103 8434 468288 SH SOLE 186444 0 281844 XL GROUP PLC SHS G98290102 10334 476435 SH SOLE 0 0 476435 XYLEM, INC. COM 98419M100 21058 758838 SH SOLE 251664 0 507174